According to the latest report by IMARC Group, titled “Home Audio Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, offers a comprehensive analysis of the industry, which comprises insights on the global home audio equipment market. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global home audio equipment market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5% during 2021-2026. Home audio equipment refer to the electronic audio systems that are installed across households to imitate the sound performance of a theatre. They include numerous devices and technologies, such as smart speakers, shelf stereos, soundbars, mixers, microphones, speaker bars, A/V receivers, Blu-ray layers, etc. Home audio equipment provide sophisticated and reliable performance and can be utilized to record audio tracks. They can also augment or replace conventional devices like TV speakers and television sets. Home audio equipment are used across the consumer electronics industry.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Important Attribute and highlights of the Report:
- Detailed analysis of the global market share
- Market Segmentation
- Historical, current, and projected size of the market in terms of volume and value
- Latest industry trends and developments
- Competitive Landscape
- Strategies of major players and product offerings
The global home audio equipment market is primarily driven by the rising disposable incomes of individuals, resulting in increased sales of flat-panel HD TVs. The growing popularity of over-the-top (OTT) services, such as Amazon Prime Videos, Netflix, and Hulu, has also necessitated high-performance home audio equipment to improve the viewing experience. Apart from this, the market is fueled by the expanding entertainment industry and the increasing content of the on-demand industry. Furthermore, the rising penetration of the Internet of Things (IoT) and the adoption of smart homes are positively influencing the market worldwide. Moreover, technological advancements and the development of networked speakers and dedicated speaker docks by the manufacturers are encouraging consumers to spend more on audio equipment. Besides this, manufacturers are focusing on built-in sound quality in TV sets that eliminate the need for external audio solutions. They have introduced a user-friendly and visually less intrusive system, which is significantly impacting the market. Moreover, the incorporation of home theatre in-a-box (HTiB), A/V receivers, and wireless speakers is also propelling the market growth.
The escalating demand for high-performance theatre experiences at home, owing to the elevating disposable income levels of consumers, is one of the key factors driving the home audio equipment market. Apart from this, the rising popularity of portable audio equipment, which can stream high-quality audio content from integrated USB drives and the internet, is further stimulating the market growth. Moreover, the rapid development of speaker docks and dedicated networked audio devices is acting as another significant growth-inducing factor. Besides this, several manufacturers and suppliers are expanding their market presence by making these systems visually less intrusive and user-friendly, which is also augmenting the global market. Furthermore, recent advancements in Artificial Intelligence (AI) technologies are catalyzing the demand for smart voice-based soundbars and various virtual digital assistants, including Alexa, Siri, Google Home, Cortana, etc. This, in turn, is expected to fuel the home audio equipment market over the forecasted period.
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Key Market Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Sony Corporation
- Yamaha Corporation
- Bose Corporation
Breakup by Product Type:
- Blu-ray and DVD players
- Home theatre in-a-box (HTIB)
Based on the type, the market has been segmented into Blu-ray and DVD players, home theatre in-a-box (HTIB), and soundbars. Currently, Blu-ray and DVD players dominate the market, holding the largest share.
Breakup by Application:
On the basis of the application, the market has been classified into television and computers. Among these, television represents the leading application segment.
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Convenience Stores
The market has been categorized based on the distribution channel into supermarkets and hypermarkets, specialty stores, convenience stores, and online stores. At present, supermarkets and hypermarkets hold the largest market share.
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Region-wise, North America (the United States and Canada) accounts for the majority of the market share. Other major regions are Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
Key highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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